Good afternoon. Welcome to Ouster's third quarter earnings conference call. All lines have been placed on mute to prevent any background noise. After today's presentation and remarks, there will be an opportunity to ask questions. If you would like to ask a question during this time, simply press star followed by the number 1 on your telephone keypad. If you would like to withdraw your question, again, press the star one. The call today is being recorded. A replay of the call will be available on the Ouster Investor Relations website an hour after the completion of this call. I now would like to turn the conference over to Sarah Ewing, Director of Investor Relations. Please go ahead. Thank you, operator. Good afternoon, everyone. Thank you for joining us for our 2022 third quarter earnings call. I'm joined today by Ouster's Chief Executive Officer, Angus Pacala, and Chief Financial Officer, Anna Brunelle. Before we begin the prepared remarks, we would like to remind you that earlier today, Ouster issued a press release announcing its third quarter results and its proposed merger with Velodyne. The company also published an investor presentation, which is available on the investor relations section of ouster.com. I'd also like to remind everyone that during the course of this conference call, Ouster's management will discuss certain forward-looking information regarding the company, including forecasts, targets, statements from its press release, potential future customer orders and shipments, near and long-term revenue opportunities, strategic customer agreements, market share trends, the company's proposed merger of equals with Velodyne, ability to recognize the benefits of cost-saving initiatives, future products, anticipated benefits and applications of new product releases, technological advancements and commercial paths, potential future market opportunities, customer traction, and the company's business outlook and 2022 financial guidance and trajectory that are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 for forward-looking statements and should not be regarded a representation that such plans, estimates, and expectations will be achieved. While these statements represent management's expected future results and performance, Ouster's actual results are subject to several risks and uncertainties that may cause actual results to differ materially from current expectations that we may share with you today. In addition to any risks highlighted during this call, you should carefully consider other important risk factors and disclosures that may affect Ouster's future results as described in its most recent annual report on Form 10-K, quarterly report on Form 10-Q, and other reports the company files with or furnishes to the SEC. Except as required by law, rule, or regulation, the company undertakes no obligation to update any of these forward-looking statements for any reason after the date of this call. Lastly, the information discussed on this call concerning the company's industry, competitive position, and the markets in which it operates, is based on information from independent industry and research organizations, other third-party sources and management estimates, which are derived from publicly available information released by independent industry analysis and other third-party sources, as well as data from the company's internal research, and are based on reasonable assumptions and computations made upon reviewing such data and its experience in, and knowledge of such industry and markets. By definition, assumptions are subject to uncertainty and risks, which would cause results to differ materially from those expressed in the estimates. During this call, we may discuss certain non-GAAP financial measures, which exclude the effects of events and transactions we consider to be outside of our core operations as outlined in our press release. These non-GAAP measures should be considered as a supplement to, and not a substitute for, measures prepared in accordance with GAAP. For a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures, please refer to today's press release. I'd now like to turn the call over to Angus. Thanks, Sarah. Good afternoon, everyone. Thank you for joining us today. Ouster had a terrific third quarter. We delivered over $11.2 million in revenue, our second highest quarter ever, representing a 44% increase over the third quarter last year. We shipped 2,136 sensors worldwide for an average selling price of $5,246, and did so while also recording the highest gross margins in Ouster's history at 33%. We continued to grow our business with approximately 80 new customers, bringing our total 12-month customer count to approximately 700 across over 50 countries. We signed four new strategic customer agreements, or SCAs, during the third quarter, bringing our total current SCA count to 84. While we delivered strong quarterly growth supported by our world-class commercial and operations teams, we also executed on our product roadmap and doubled our serviceable obtainable market through the launch of our breakthrough L3 chip, our upgraded OS sensor suite, REV7, and with it, our all-new OSDome sensor. This is our largest expansion in SOM since first entering the market, and a game changer in our ability to win an expanded set of deals. Our focus on digital semiconductor design continues to set us apart in the lidar industry. Digital products align with the exponential performance path of Moore's law to eventually displace legacy technologies. Engineered with state-of-the-art 3D backside illumination, the L3 chip packs an incredible amount of processing capability within a compact die area. With 125 million transistors on chip and a maximum computational power of 21.47 GMACS, the L3 is capable of counting and processing approximately 10 trillion photons per second. This allows the sensor to output up to 5.2 million points per second while consuming less power than previous generations. A 10x increase in photon sensitivity enables our REV7 sensors to deliver 2x increase in range, a 50% improvement in precision, and a 7x improvement in object detection. The new features that we can now offer our approximately 700 customers and many more prospective customers across our fast-growing markets. With the extended range of REV7, we are unlocking an all-new category of long range and higher speed use cases, essential for many robotaxi, shuttle, bus, and truck operators. The REV7 OS2 opens up the unique ability to track vehicles and objects beyond a quarter mile in all directions. The 10x signal improvement of the L3 also improves nearer range detection. Automotive and industrial customers alike can expect incredible detection performance on challenging objects such as tires, black cars, cables, fencing, or the forks on a forklift. This also makes REV7 an excellent fit for mapping applications, where the combination of longer range, high point density, and upgraded precision are based on direct feedback from this customer set. We are seeing incredible demand for REV7 from our customers. Ouster's first REV7 customer signed a multi-year SCA for several hundred OS1 and OS0 REV7 sensors through 2023. After working with us for some time, the performance and reliability increases of REV7 made it the clear sensor of choice for scaling production of their commercial applications, including transit buses, Class 8 trucks, and yard trucks. We are also seeing traction with early adopters of the OSDome, including some of the world's largest companies, one of which has already ordered several hundred sensors for initial rollout of crowd analytics technology in their retail stores. Our partner SkyFi, a global software technology company, is also an early adopter of the OSDome and plans to offer the sensor as part of its crowd analytics solution to help businesses enhance the guest experience, boost revenue, and optimize operational efficiency. SkyFi and Ouster have several active crowd analytics deployments across the globe, including at international airports, major event venues, and retail stores. With the unique capabilities of the OSDome, we are better positioned to sell into more use cases and scale deployments with existing customers. We are thrilled with the product performance of our new REV7 suite and fantastic early response from customers. We are excited to get the products into more hands this quarter as we ramp production and shipments. The benefits of REV7's performance upgrades will also support Ouster's recently released 3D industrial sensor suite, configured to meet the unique requirements of forklift, port equipment, and autonomous mobile robot manufacturers with high volume pricing to enable adoption on production fleets. Complemented by the all-new OSDome with a hemispherical field of view for floor to ceiling and wide area coverage, our industrial sensors are an excellent fit for material handling applications. We expect these new offerings to accelerate expansion into the estimated $15 billion warehouse automation market. With the incredible range and precision improvements of the L3 powered REV7, we now offer the highest performing family of sensors on the market. It also provides a glimpse of what will be possible by applying the same advancements to our upcoming digital flash or DF sensors for automotive applications. The advancements in the L3 architecture pave the way for Ouster's upcoming Chronos chip, the automotive-grade, fully custom digital lidar silicon receiver that will power our DF sensors, which is slated to be integrated into the first DF units in 2023. Automakers and Tier 1s alike have responded with consistent amazement after seeing the incredible performance of our first DF A-samples and are eager to begin testing with B-samples next year. While product features and performance upgrades will represent major growth drivers for our business for the foreseeable future, we also have a significant axis on which to catalyze new business, vertical-specific product and safety certifications, as well as software solutions. We're on track to achieve ASIL B and IATF 16949 functional safety certifications for automotive, SIL 2 safety certifications for industrial, and NEMA TS2 certifications for smart infrastructure applications within the next 12-24 months. The mechanical and electrical upgrades we made to our OS sensors with REV7 put us even closer towards achieving these market-expanding certifications. These included reducing their power draw and doubling their resistance to shock and vibration while maintaining the same small, lightweight, and power-efficient form factor design of previous generations. All REV7 sensors include approximately 95% automotive-grade components, feature an upgraded FPGA that is qualified for functionally safe automotive and industrial applications, and offer an option for 1000BASE-T1 automotive Ethernet. We also see an immense opportunity to speed our customers' time to market, build stickiness, and drive higher margin revenues through verticalized software solutions. We continue to build a robust software ecosystem built on three foundational pillars. A best-in-class software development experience that provides resources and tools to reduce our customers' time to test, validate, and integrate our sensors, an expanded partner platform to bring targeted solutions to our customers, and verticalized software solutions that drive new customers and higher margin revenues. In the third quarter, we released an updated version of the Ouster SDK and new firmware. We continued to expand our partner platform and started working with Applied Intuition, a provider of software solutions for autonomous systems development, including sensor simulation, to create tests and release synthetic models of our lidar data to empower customers to generate synthetic data that accelerates the deployment of perception systems. This is just the beginning of what's in store for our software ecosystem. We're excited to share more about it early next year. I'm as confident as I have ever been in our ability to make Ouster's digital lidar the sensors of choice across autonomy and intelligent infrastructure applications. I believe we have a clear and winning strategy to make our technology more affordable, more performant and more ubiquitous. That said, execution on our strategy requires thoughtful capital management. With this in mind, we took proactive steps to optimize our cost structure and reduce our gross cash spend in the third quarter. While these steps bolstered our cash runway and path to profitability, we are taking advantage of another exciting opportunity to accelerate the adoption of lidar across fast-growing markets and further strengthen our financial position, merging with Velodyne. This morning, we announced our plan to merge with Velodyne in an all-stock merger of equals transaction that is expected to drive significant value creation for our customers, our company and our shareholders. As one combined company led by me as CEO and Ted Tewksbury as Executive Chairman of the Board, we will be a leading lidar company with a deep history, strong balance sheet, industry-leading technology and world-class commercial organization. Together, we can offer robust product offerings, including verticalized software to serve a broader set of customers. We expect the proposed merger to unlock significant synergies, creating a company with the scale and resources to deliver stronger solutions for customers and society, while accelerating time to profitability and enhancing value for shareholders. This proposed merger accelerates our ability to reduce product costs through volume purchasing and scaled manufacturing, develop a combined product roadmap of low cost performance sensors that aligns with the future needs of the market, cast a wider net to reach a broader set of customers, and strengthen our competitiveness against other established sensing modalities like cameras and radar. We're excited to build on both of our strengths and look forward to providing the market with more information around the combined company strategy upon closing, which is expected in the first half of 2023. For more information on the proposed merger, please refer to our joint release and webcast published on both company websites earlier today. I'll now turn it over to our CFO, Anna Brunelle, who will provide an update on our third quarter performance and our expectations for the remainder of the year. Thank you, Angus. Good afternoon, everyone. As Angus stated, in the third quarter of 2022, we recorded our second highest quarterly revenue of $11.2 million, up 44% over the third quarter of 2021 and up 8% over the second quarter of 2022. We shipped 2,136 sensors in Q3, a 31% increase over the third quarter of 2021, which amounts to approximately 16,000 sensors shipped to date. Continuing our positive gross margin traction, we saw further improvement in the third quarter, delivering the highest gross margin in Ouster's history at 33%, up from the 24% gross margins recorded in the third quarter of 2021 and up from the 27% gross margins recorded in the second quarter of 2022. Over the course of the third quarter, our average sales price per unit remained strong at over $5,200. We saw a slight decrease in our cost per unit sold at approximately $3,500, due primarily to lower purchase price variance in the quarter. Ouster continues to have the highest hardware gross margin profile of our public lidar peer group, validating our leading cost structure associated with our CMOS digital lidar architecture, which enables high scalability in both performance and cost. In the third quarter, we sold sensors to approximately 80 new customers, with growth seen across verticals and particularly out of the Americas, as well as Europe, Middle East and Africa. Through the end of the third quarter, we increased the number of SCAs to 84 from 80 recorded at the end of the second quarter of this year. Our largest revenue growth from new and existing customers was found in the industrial and robotics verticals, accounting for 38% and 37% of sales in the third quarter respectively. In line with ongoing global trends, this growth included substantial orders from material handling and drone inspection customers, as well as for robotic security applications. We also continued to see meaningful traction in our automotive and smart infrastructure verticals with other large orders from customers for trucks and buses, as well as in the expanding crowd analytics space. Ouster is able to capitalize on a broad range of opportunities to support steady growth, which is exemplified by our approximately 700 customers, including a growing number of multi-year SCAs across our four market verticals. While market uncertainties can impact our customers' ramp rates and estimated forecasts, our flexible CMOS digital architecture enables us to sell into multiple verticals, eliminating dependency on adoption within a single market. Turning to our expectations for the remainder of the year. We are reiterating our full year 2022 revenue guidance of $40 million-$55 million and gross margin target of 25%-30%. Despite ongoing macroeconomic pressures resulting in staggered or delayed ramp rates for some of our customers, we remain confident in our bottoms-up analysis for 2022 and our ongoing competitiveness in the market. During our second quarter earnings call, we announced three pillars to strengthen Ouster's financial position, including target spend, strategic fundraising, and accelerated growth. In the third quarter, we continued to make progress in line with these objectives. First, for target spend, we announced cash reduction initiatives to lower gross cash spend across operational expenditures, capital expenditures, and inventory. This represents a reduction of more than 15% compared to annualized gross cash spend based on the second quarter of 2022. Second, focusing on strategic fundraising efforts, we raised $1.8 million through the at-the-market offering, which was suspended in September, down from approximately $15 million in the second quarter. At the end of the third quarter, we maintained a cash balance of approximately $135 million. Further, in October, we received lender consent for the planned merger of equals and drew the remaining $20 million on the first tranche of our term loan facility. Finally, Ouster took additional steps to accelerate growth across each of our submarkets through targeted commercial efforts and the launch of our groundbreaking REV7 OS sensor products powered by the L3 chip, which doubles Ouster's collective serviceable obtainable market by opening up new opportunities, primarily for longer range and mapping applications. Collectively, traction across each of these pillars, target spend, strategic financing, and accelerated growth provide Ouster with additional flexibility to execute on our business plan. Of course, as announced this morning, Ouster looks to bolster our position within the market through the proposed all-stock merger with Velodyne. We look forward to providing more information about a combined company strategy following the closing, which is currently expected to occur in the first half of 2023. I'd now like to turn the call back over to Angus. Thank you, Anna. Ouster is focused on building a great team and great products, scaling the adoption of digital lidar across our fast-growing end markets, and building a profitable business that can sustain our growth. We remain energized about the remainder of 2022, excited about upcoming product announcements slated for early next year, eager to close the proposed merger with Velodyne to accelerate the adoption of lidar, bolster our financial position, and drive sustainable growth and shareholder value on our mission to building a safer and more sustainable future. With that, I'd like to open it up for Q&A. Thank you. Before we open the call to questions, I want to remind everyone that Ouster management will only address questions in connection with Velodyne on a standalone basis, exclusive of the proposed merger with Ouster, which remains subject to completion. We will now begin the question and answer session. To ask a question, you may press star, then one on your phone. If you are using a speakerphone, please pick up your handset before pressing the keys. To withdraw your question, please press star one again. When called upon, please limit yourself to two questions. Our first question today comes from the line of Kevin Cassidy with Rosenblatt. Please go ahead. Yeah. Thanks for taking my question. Congratulations on the strong results, also on the announced merger or proposed merger. Just one question, your range for the year is $40 million-$55 million. What are the factors for reaching those numbers? It seems like a large range at this point in the year. Yeah. Thanks for the question, Kevin. Anna, do you want to cover that? Yeah, happy to. Kevin, we're really expecting to have a great Q4 and hit our guidance given the REV7 launch and just the immense customer interest we're seeing from that. We saw our customer count this quarter increase from about 600 to about 700. Our funnel is really strong, and we just are looking forward to having a great Q4. Similarly, we saw margins. You may remember we guided to 25%-30% on margins. Q3 came in at 33%, the highest in our history. All of those things together really gave us strong confidence in reiterating our guidance. Okay, great. Yeah, the REV7 was a very impressive launch, and that you're ready to ship it all as soon as you announce it, that's very strong. Can you say what percentage of your revenue do you think REV7 will or is it going to be significant in the first quarter or will it be more of a ramp into 2023? Kevin, yeah. That's a great question. We'll absolutely be ramping into REV7 eventually being the vast majority of our revenue. We typically ramp production between our revisions across multiple quarters, and REV7 will be no different. We will ship significant revenue, REV7 revenue this quarter. It will take a couple of quarters before we really transition to the majority of revenue coming from that line. Okay, great. Thank you. Your next question comes from the line of Andres Sheppard with Cantor Fitzgerald. Please go ahead. Hey guys, good afternoon. Thanks for taking my question and congrats again on another strong quarter. A couple of quick questions from me. In regards to the strategic customer agreements, looks like that number increased to 84. Can you just let us know what does that now translate in terms of revenue opportunities through 2026? And maybe when do you expect those to start materializing or ramping up? Thanks. Yeah. A couple points here. Thanks for the question. The first is that at the beginning of the year, we changed our approach to strategic customer agreements to require that they all have a binding component. We increased the threshold for signing SCAs, and that's just a really important note. All SCAs signed this year have a binding component, and we're realizing revenue off of those signed deals already. Those are already taking effect. To your question on potential contracted revenue opportunity, you'll notice that we left that out of our earnings release. We chose to leave it out because while the number has gone up, we've seen from our customers a reluctance to provide concrete updates in some cases to their forecasts, just given kind of market uncertainty, macroeconomic climate. Instead of giving a number, we just wanted to give a number that we can stand behind. In this case, we've run into a situation where we don't feel we can stand behind the number, even though it technically has gone up. We don't feel we can stand behind it. We're looking at how we can revise our approach to contracted revenue opportunity in the case that customers are having difficulty forecasting their businesses. Again, the reason they might be having difficulty is because of supply chain uncertainty, things like that are impacting their ability to ship in some cases. We're trying to be perfectly open on why we left that out, and hopefully that makes sense. Overall, what's critical is SCA counts are continuing to increase. We raised the bar at the beginning of the year, now we're at 84 of these signed active contracts, which is a fantastic place to be, given where we were a year and a half ago when we went public. Understood. Thanks, Angus. No, that's very helpful indeed. Maybe for my follow-up, as it pertains to the merger with Velodyne, I'm curious, how do you foresee your capital needs changing, if at all? Thank you. Yeah, a big part of this merger is the opportunity to build a strong company financially. Absolutely one of the goals here is to limit the need for outside capital and then limit dilution at the close of the deal. We haven't provided a complete outlook, forward-looking outlook. We'll do that upon close of the deal in the first half of next year. Absolutely, a major benefit here is that it provides much more clarity on the path to profitability as a combined company. Wonderful. Thanks, Angus. Congrats again. That's it for me. I'll pass it on. Thank you. Your next question comes from the line of Tristan Gerra with Baird. Your line is now open. Hi, this is Tyler. Thanks. I'm for Tristan. Thanks for taking the questions. Building off the previous question, should we expect cash burn to accelerate or slow in the next two years as revenue hits an inflection point, but more spending will be needed to ramp production? Thanks for the question there. We expect for cash burn to decrease over time as the company grows. We've outlined as part of the deal up as much as $75 million in cost synergies between the companies, with a combined $355 million in cash on hand as of Q3 between the two companies. Expect that this provides better clarity on the path of profitability for the company, meaning reduced cash burn over time, no question. Hopefully that provides some clarity there. Yeah, it does. Great. I could jump on that a little bit too. I was just going to say I could build on that a little bit too, if you don't mind. We're, as we said, seeing just incredible reception with REV7, we expect to continue to see increased demand for digital lidar. Obviously as that top line grows, we feel we have the right cost structure in place to get us on that path to profitability. If you look at the cash used for EBITDA so far this year, we've used about $23 million or $24 million per quarter each quarter this year. We expect Q4 to be similar. I think we've mentioned before on the CapEx side, we don't need a significant amount of CapEx to run our business. We previously said it's about $5 million or so per year. It's a little lumpy per quarter, but about $1.5 million per quarter. That covers us for CapEx and equipment for manufacturing capacity increases and such generally. I think as we see our top line grow, as we continue to introduce these great products, we feel we have the right cost structure in place to get us on that path to profitability. Great. Yeah, that's super helpful. For my follow-up, what is the current situation with Velodyne's IP? I know that they were in contention with the Chinese supplier of lidars for patent infringements and a licensing deal was put in place. Is that going to be relevant going forward from a revenue standpoint? Yeah, thanks for the question. We haven't provided insight in that level of detail on the combined company or expectations around revenue mix. We will be providing a much more fulsome update when the deal closes. Great. Thanks again for taking the questions. Your next question comes from the line of Brian Dobson with Chardan Capital Markets. Your line is now open. Yeah, thanks very much. Congratulations on the L3 chip launch and the merger announcement. I guess first turning to the chip launch, do you see your revenue mix by end user industry shifting as that new technology is introduced? I absolutely think there will be some shift because one of the things we've highlighted with this release is that we've doubled our SOM or serviceable obtainable market. That has allowed us to tap into new longer range markets, the mapping market, where there's a need for higher precision, accuracy, and range as well. So, over time, I do expect to see new use cases introduced and a shift. Not a shift because of a move off of other markets. It's just an expansion of the overall opportunities that we're addressing. Yeah, excellent. You mentioned obtaining vertical safety certification for your new sensor technology. Which of your core verticals offers the most opportunity as those certifications are obtained? That's a really interesting question. It depends on what timescale you're looking at. One of the things about Ouster is our early diversification into industrial smart infrastructure and robotics alongside our core strategy in auto. That's because there's an established market, especially in the industrial lidar sector, around $2 billion market today. I would say there's a significant near-term opportunity for the industrial certifications. Setting that aside, the automotive sector, there are a lot of companies that are interested in automotive grade, automotive quality, whether or not they are true high volume automotive applications. I think there's going to be a significant impact, a positive impact on the automotive certifications. Luckily, there's a lot of overlap between those two certification sets, so we can tackle them at once, which is what we're doing. Yeah. Excellent. I'll just sneak a quick one in about the merger. You mentioned that the two companies have complementary customer bases. Can you just give us a little bit more color on Velodyne's core business segments or customer segments? Yeah, I think that question specific to Velodyne, you should definitely ask them. On the complementary statement, one of the things that is common between us is a diversification across markets. There's natural complementing that's going to happen as a result of the merger, just because we are two of the few companies that have diversified across markets more than just auto. We see an opportunity to provide a really robust set of products and customer success that combines the best of each company and the learnings that we have from operating as independent businesses for the better part of the past decade. Great. Thank you very much. Your next question comes from the line of Richard Shannon with Craig-Hallum. Your line is now open. Hi, guys. Thanks for taking my question. Maybe my first one for Anna on your guidance for the year here, both on sales and gross margins. The ranges here are pretty wide, and if you look at what numbers could give both the high end and low end here, it's pretty wide, both for revenues and gross margins. It seems like you just mentioned in an answer to a question about EBITDA being in a similar, maybe slightly improved level versus last quarter. It seems like you've kind of pinpointed what those might look like versus a fairly wide range still left for both those numbers here. Maybe if you could comment or help us kind of narrow that down a little bit from the wide ranges you have here. Yeah, like I said before, we're expecting to have a great quarter. We're already seeing traction from REV7. The 40 to 55 range was already in existence going into this quarter. It's still accurate, so we kept it. Yes, we definitely expect to have a great quarter, and as I said, our customer count continues to increase. Just our line of sight gives us very strong confidence that we'll be within that range. Okay, fair enough. Follow on question for Angus. Last quarter you talked about macro seemingly affecting some of the sales cycles within a number of your end markets here, and obviously had a good quarter growing nicely here with some continued strength in industrial robotics. Maybe you can give us an updated comment versus last quarter on whether the sales cycles are staying the same, improving, lengthening in any areas where it's kind of at the edges, either positive or negative by product line, end markets, or geographies, please. Yeah, I think that the comments I made last quarter and those observations still hold true this quarter. That's why we're sticking with our guidance. We revised it as of Q2 and sticking with it and expect that we'll hit it. I think that maybe what has changed is really what we've done internally by releasing these new products, releasing the industrial sensor suite, releasing REV7 and the L3. That's generated a significant amount of external interest, kind of additional new interest in our products. That's kind of irrespective of the macroeconomic climate, which I think remains pretty similar to last quarter. Okay, fair enough. That's all for me, thanks. This does conclude our question and answer session. I'd like to turn the conference back over to Angus Pacala for any closing remarks. All right. Well, thank you all for joining and for the questions. I'm incredibly excited about the merger with Velodyne that we've announced as of today, and the positive impact that we're going to have through it for customers and for investors, and for the maturation of the lidar industry as a whole. I really think consolidation is an important step for this industry, glad to be leading the way here. I'm also equally proud of what Ouster accomplished in the third quarter. We had a record gross margins. We had our second highest revenue quarter with over 44% year-over-year growth. We launched the L3 powered REV7 sensors, which expand raw performance to an extent that I think few thought was possible with digital lidar. With REV7, digital lidar really is hitting its stride, and there's plenty more to come in 2023 across our product portfolio. Thanks again for joining, and have a great evening. Ladies and gentlemen, the conference is now concluded. Thank you for attending today's presentation. You may now disconnect your lines at this time.